Tabuk Agricultural Development Co. (TADCO) reported a net profit of SAR 81.1 million for 2023, against a loss of SAR 53.7 million a year earlier.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 134.37 | 105.50 | (21.5 %) |
| Gross Income | 19.67 | 3.02 | (84.6 %) |
| Operating Income | (52.08) | (63.65) | (22.2 %) |
| Net Income | (51.47) | 80.79 | 257.0 % |
| Average Shares | 39.18 | 39.18 | - |
| EPS (Riyals) | (1.31) | 2.06 | 257.0 % |
The positive performance was supported by higher profits from investments in companies using the equity method of accounting and lower provision for expected credit losses.
This came despite a decline in revenue year-on-year (YoY) due to the exclusion of the sales of a subsidiary company for Q4 2023, which transformed into an associate company in Q3 2023, and a decrease in revenues of another subsidiary.
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 35.15 | 9.22 | (73.8 %) |
| Gross Income | (0.80) | (12.71) | (1,480.6 %) |
| Operating Income | (30.51) | (31.00) | (1.6 %) |
| Net Income | (29.33) | (24.16) | 17.6 % |
| Average Shares | 39.18 | 39.18 | - |
| EPS (Riyals) | (0.75) | (0.62) | 17.6 % |
| Item | Q3 2023 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 48.08 | 9.22 | (80.8 %) |
| Gross Income | 5.39 | (12.71) | (335.7 %) |
| Operating Income | (12.08) | (31.00) | (156.6 %) |
| Net Income | 128.26 | (24.16) | (118.8 %) |
| Average Shares | 39.18 | 39.18 | - |
| EPS (Riyals) | 3.27 | (0.62) | (118.8 %) |
The company’s losses shrank to SAR 23.8 million in Q4 2023, from SAR 31.5 million in Q4 2022.
Sequentially, the company turned to a loss against a profit of SAR 128.26 million in Q3 2023.
Shareholders’ equity, excluding minority interest, rose to SAR 328.27 million as of Dec. 31, 2023, from SAR 229.90 million a year earlier.
Accumulated losses reached SAR 63.2 million at the end of 2023, representing 16.1% of the company’s capital.
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